CenturyLink, Inc. (NYSE:CTL) Q3 2017 Earnings Conference Call - Final Transcript

Nov 08, 2017 • 05:00 pm ET

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CenturyLink, Inc. (NYSE:CTL) Q3 2017 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the CenturyLink's Third Quarter 2017 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded Wednesday, November 8, 2017.

It is now my pleasure to turn the conference over to Tony Davis, Vice President of Investor Relations. Please go ahead, sir.

Executive
Tony Davis

Thank you, France, and good afternoon, everyone, and welcome to our call today to discuss CenturyLink and Level 3 Communications third quarter 2017 results released earlier this afternoon. The slide presentation we will be reviewing during the prepared remarks portion of today's call is available in the Investor Relations section of our corporate website at ir.centurylink.com. At the conclusion of our prepared remarks today, we will open the call for Q&A.

As you move to Slide 2, you'll find our safe harbor language. We will be making certain forward-looking statements today, particularly as they pertain to guidance for full year 2017 for stand-alone CenturyLink and Level 3 and other outlooks in our combined business. The Level 3 prior period results are presented on a pro forma basis adjusted to reflect changes made to customer assignments between the wholesale and enterprise channels at the beginning of 2017, due to mergers between certain customers and other changes. Unless otherwise noted, Level 3 revenue and sales comparisons to prior periods are provided on a year-over-year basis and a constant currency basis. Finally, certain Level 3 metrics discussed in the call today exclude acquisition-related expenses associated with the CenturyLink transaction. Those metrics are adjusted EBITDA, capital expenditures, free cash flow and net leverage, and we footnoted the details in our press release and earnings presentation. We also ask that you review our disclosure found on this slide as well as in our press release and in our SEC filings, which describe factors that could cause our actual results to differ materially from those projected by us in our forward-looking statements.

Now moving to Slide 3. We ask that you also note that our earnings release issued earlier this afternoon and the slide presentation and remarks made during this call contain certain non-GAAP financial measures. Reconciliation between these non-GAAP financial measures and the most comparable GAAP financial measures are available in our earnings release and on our website at ir.centurylink.com.

And now turning to Slide 4. Your host for today's call is Glen Post, CenturyLink's Chief Executive Officer. Joining Glen on today's call are Jeff Storey, CenturyLink's President and Chief Operating Officer, CenturyLink Executive Vice President, Stewart Ewing, and Sunit Patel, CenturyLink's Executive Vice President and Chief Financial Officer. Our call today will be available for telephone replay through November 15, 2017, and the webcast replay of our call will be available through February 6, 2018. Anyone listening to a taped or webcast replay or reading a written transcript of this call should note that all information presented is current only as of November 8, 2017, and should be considered valid only as of this date regardless of the date heard